Los Angeles , CA 路 Member since 2017 路 56 posts 路 17 votes
Hello BP Fam. Just wanted to get your opinion on the vibe/sentiment of owning a multifamily in a C+/B neighborhood facing a cemetery in St Louis. Is a cemetery a turn off for potential new tenants? Thank you!
@Steve Sherman Tough one, I would say it is not a plus but maybe not a big negative, especially if it is pretty. My dorn in college faced a cemetery and I always found it peaceful.
@Steve Sherman 4 units is a small sample size to use to see any trends. And to your point, 75% occupied means there's only one vacancy, which doesn't really tell you much.
We have an old mansion built 1830 that has never been vacant BUT it's supposedly haunted.
The current tenants swear it is but love the place & they had heard the rumors before they moved in.
Another investor friend rehabbed a big old home that backed onto a cemetery & it sold immediately. Yet many will not occupy a rental with high tension wires running through the back of a property.
@Steve Sherman
I would think this would be an advantage especially for older folks who don鈥檛 want hoodlums or young people loitering around the property and who prefer to enjoy a more peaceful surrounding area . Use this as a way to get seller to reduce the price .the reality is people need a place to stay . Everyone does and there鈥檚 a place for each person if you can market to them . Same goes for ugly people ! There鈥檚 somebody perfect out there
Sounds like a great opportunity to get a discounted property. Its really surprising but I have had tenants rent a property knowing someone died in it. Don't get in your own head about the cemetery. Also, what's the reason for it being 75% vacant. I doubt that has to do with the cemetery.
@Dennis M. Completely agree. I made a fair offer and they said that it's too low and another offer they have is so much higher. The property would not even appraise. It's definitely a case by case basis and this particular property and situation, just happens to be not the right case). Thanks for the input
@Paul Amegatcher Yes! When you deal with reasonable sellers, you could get such a property at a discount. The area itself is pretty good and all my deals are pending home inspection from my inspector. It did not even get to this point in this deal. All in all, this one is not in the cards:). Thanks for the input.
Facing a cemetery suggests it's across the street.
Some ppl will be turned off, but many will not.
I own a house with the cemetery just past the backyard. It's pretty, quiet, well maintained and the neighbors don't complain about large parties or borrow my tools.
Also thinking of a cemetery where a family member is buried...and it is surrounded by townhouses on 3 sides. They always appear fully occupied.
In short, I don't think you will have a problem if your units are inviting.
I would think this would be an advantage especially for older folks who don鈥檛 want hoodlums or young people loitering around the property and who prefer to enjoy a more peaceful surrounding area . Use this as a way to get seller to reduce the price .the reality is people need a place to stay . Everyone does and there鈥檚 a place for each person if you can market to them . Same goes for ugly people ! There鈥檚 somebody perfect out there
hoodlums and young people are exactly the types to loiter in a cemetery...
I would think this would be an advantage especially for older folks who don鈥檛 want hoodlums or young people loitering around the property and who prefer to enjoy a more peaceful surrounding area . Use this as a way to get seller to reduce the price .the reality is people need a place to stay . Everyone does and there鈥檚 a place for each person if you can market to them . Same goes for ugly people ! There鈥檚 somebody perfect out there
hoodlums and young people are exactly the types to loiter in a cemetery...
Yikes ,I guess I鈥檓 spoiled from living in the country . That likely wouldn鈥檛 happen around here very much but nothing surprises me anymore